Juan E. Monteverde
, a partner at
Faruqi & Faruqi, LLP
, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Sysco Corporation (“Sysco” or the “Company”) (NYSE:SYY) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval for the Company’s 2013 Long-Term Incentive Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on October 3, 2013, the Board of Directors recommends that Sysco’s shareholders vote to approve the Company’s 2013 Long-Term Incentive Plan ("Plan") to issue 45,000,000 shares. As of September 17, 2013, 10,607,579 shares were available for issuance under the 2007 Stock Incentive Plan. As such, the proposed Plan would increase the total shares available for issuance by 45,000,000 to approximately 55,607,599. The issuance of the additional shares could have a substantial dilutive effect on the shares of Sysco common stock.
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